Joyou AG: Intended takeover bid
Additionally, the major shareholders of the company, Mr. CAI, Jianshe and Mr. CAI, Jilin, both members of the executive board of Joyou AG, intend to enter into a long-term partnership agreement with Grohe Holding GmbH according to which Mr. CAI, Jianshe and Mr. CAI, Jilin would contribute a major part of their respective shares in Joyou AG (28.6% of Joyou AG share capital) into Grohe Asia AG against an issuance of new shares. Thus Mr. CAI, Jianshe and Mr. CAI, Jilin will directly and indirectly remain major shareholders of Joyou AG.
As a consequence of this new cooperative structure, Joyou AG and the Grohe Group will intensify and further develop their existing business relationship, especially with regards to domestic and international sales and distribution both of Grohe and Joyou products, as well as technology transfer and component purchasing.
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces and sells faucets and other sanitary ware products in China under its brand name "Joyou" and is also engaged as a OEM/ODM-manufacturer for international brands and trading companies in the United States and Europe as well as other emerging markets. In 2009, Joyou was one of the leading single-brand manufacturers of bathroom, kitchen and other faucets in China in terms of revenues (according to BSRIA). Joyou has established an extensive distribution network in China with 3,596 retail points of sales as of 31 December 2010.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian Province in China. Joyou's five main product groups sold in its own brand business are bathroom faucets, kitchen products, shower products as well as other bathroom products and other faucets and sanitary hardware. In 2009, Joyou realised group revenues of EUR 172.3 million, an operating profit (EBIT) of EUR 39.0 million and a net profit of EUR 22.3 million employing on average 2,529 persons.